USDCAD breaks above the falling price channel on 4-hour chart, suggesting that lengthier consolidation of downtrend is underway. Further rally towards 1.0232 key resistance is expected in a couple of days. As long as 1.0232 resistance holds, downtrend is expected to resume, and one more fall towards 0.9930 (Apr 21 low) is still possible. However, a break above 1.0232 will indicate that the fall from 1.0672 has completed at 0.9979 already, then the following upward move could bring price to 1.0600 area.
Archive for October, 2010
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USDCHF’s downward move extended to as low as 0.9463. Minor consolidation would more likely be seen in a couple of days. Resistance is at the upper boundary of the falling price channel on 4-hour chart, as long as the channel resistance holds, downtrend is expected to resume and another fall to 0.9400 is still possible.
GBPUSD rebounded strongly from 1.5755, suggesting that a cycle bottom is being formed on 4-hour chart. Now the rise from 1.5755 is more likely resumption of uptrend from 1.5296, further rise towards 1.6017 is possible later today, a break above this level will confirm that the uptrend has resumed, then next target would be at 1.6200 area. Key support is now at 1.5755, only break below this level will indicate that the uptrend from 1.5296 has completed at 1.6017 already, then the following downward move could bring price back to 1.5200 area.
By Elliott Wave International
Over the weekend, I went shopping for Halloween decorations. In the store, one of the clerks was wearing a white T-shirt with a puff-paint rendering of the Dow Jones Industrial Average. The line representing prices was the color of blood red, dripping and splashed across the front. When I asked him what it was, he said "the October Curse."
GBPUSD broke below the lower border of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.6017 level. Deeper decline to test 1.5669 key support could be seen, a breakdown below this level will indicate that the rise from 1.5296 has completed, then the following downward move could bring price to 1.5200 area.
GBPUSD stays in a rising price channel and remains in uptrend from 1.5296. The price action from 1.6017 is more likely consolidation of uptrend. As long as the channel support (now at 1.5850) holds, we’d expect uptrend to resume, and another rise towards 1.6100 is still possible. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.5669 key support could be seen.
USDCAD has formed a cycle top at 1.0232 level on 4-hour chart. Range trading between 1.0062 and 1.0232 would more likely be seen in a couple of days. Support is at 1.0062, a breakdown below this level will indicate that the downtrend from 1.0672 has resumed, then next target would be at 1.000 area. Key resistance is at 1.0232, a break above this level will suggest that the fall from 1.0672 has completed at 1.0062 already, then the following upward movement could bring price to 1.0600 zone.
By Elliott Wave International
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